Ripple’s XRP Meets Resistance & Retraces

Yesterday was an extremely bullish day for the cryptocurrency market. Most cryptocurrencies are continuing to increase today, but some are struggling to keep up. The largest altcoin by market cap, Ripple’s XRP, is one of the cryptocurrencies which is recording a loss today.

XRP met resistance yesterday at $0.4 and has since retraced. The altcoin had an extremely bearish week last week dropping from $0.51 to approximately $0.37, a 27% decline. Price even fell close to $0.3 with some support coming into play at this point.

XRP Weekly Chart – Source: TradingView.com

Price has struggled to recover along with the market this week and met resistance at $0.4 yesterday during its increase. Price has since retraced to around $0.377.

The key levels for XRP at this point are $0.4 and $0.3. A return to bearish market conditions makes a move to $0.3 a strong possibility. A continuation of the recent bullish market conditions is likely required if we are to see XRP rise back above $0.4.

Today’s drop is on low volume showing traders are taking into consideration the bullish movements being recorded in most cryptocurrencies. Traders are seeming increasingly cautious of a return to bearish market conditions with the price increases across the market significantly slowing today.

XRP Daily Chart – Source: TradingView.com

Overall, the price action of cryptocurrencies has mostly been acting in a bearish way responding extremely negatively during downturns and struggling to rise during increases. Yesterday’s price action seems to be a short-lived exception with a significant slowdown today.

Key Takeaways:

XRP meets resistance at $0.4 yesterday and retraces.

XRP one of the few cryptocurrencies recording a loss today

Key levels to monitor for XRP are $0.3 and $0.4.

Overall, the price action of cryptocurrencies has been mainly bearish and yesterday may have been an exception.